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HUD MIP calculator
The HUD mortgage insurance premium (MIP) is the fee a borrower pays for FHA insurance on a HUD-insured multifamily or healthcare loan. It has two parts: an upfront premium paid at closing, and an annual premium charged as a percentage of the average outstanding principal balance and collected monthly with the payment.
Results are indicative estimates for discussion. They are not a loan offer, a rate quote or a commitment to lend. Nothing you type here is sent anywhere; the math runs in your browser.
How it works
For multifamily programs (223(f), 221(d)(4)) the calculator uses a flat 0.25% annual premium and a 0.25% upfront premium. The flat rate follows Federal Register 2025-18379 for applications on or after 2025-10-01. The upfront figure rests on a secondary source, so confirm it with a HUD lender.
For Section 232 it uses the schedule in Corin's assumptions: 0.65% annual on a refinance or purchase and 0.77% on new construction, with 1.00% upfront. Whether the flat 0.25% notice reaches Section 232 has not been confirmed, so treat the 232 rows as figures to verify.
The annual premium is charged on the average balance for each year, so it falls as the loan amortizes. The calculator walks the amortization schedule month by month and shows year one, the first ten years and the full term.
Reading the result
Year one is the highest premium year. Compare the all-in rate (note rate plus premium) across programs rather than the note rate alone, and remember HUD loans also carry the lender's financing fee, third-party reports and an annual audit.
Green certification no longer lowers the HUD premium, so do not count on a green discount when you compare structures.
Frequently asked questions
What is the HUD MIP for a 223(f) loan?
Corin's assumptions use a flat 0.25% annual premium for FHA multifamily applications on or after 2025-10-01, from Federal Register 2025-18379, plus an upfront premium that is configurable (default 0.25%). Confirm the current figures with a HUD lender.
Does a green building lower my MIP?
No. The 2025 notice removed the green, affordable and broadly affordable premium categories for multifamily, so green certification no longer lowers the HUD MIP.
Is the MIP the same for Section 232 senior housing?
Not in Corin's assumptions. Section 232 is not changed by Mortgagee Letter 2025-03, and the calculator uses 0.65% annual for refinances and 0.77% for new construction. Whether the flat multifamily notice reaches Section 232 has not been confirmed.
Why does the premium fall each year?
HUD charges the annual premium on the average outstanding principal balance for the year. As the loan amortizes the balance shrinks, so the premium does too.
Is the upfront MIP paid in cash?
It is due at closing and is often funded as part of the closing costs or financed into the loan, depending on the structure. Your HUD lender will show how it is handled.
Related financing
- HUD Section 232FHA-insured, long-term, non-recourse debt for licensed healthcare real estate.
- HUD 223(f) multifamilyLong-term, fixed-rate, non-recourse refinance for existing apartment communities.
- HUD 221(d)(4)Non-recourse construction-to-permanent debt for new or substantially rehabilitated apartments.
- HUD 223(a)(7)Streamlined refinance of an existing HUD-insured multifamily loan.
- Bridge-to-HUDShort-term floating debt to stabilize a facility before a HUD 232/223(f) takeout.
Terms used here
- Mortgage insurance premiumThe mortgage insurance premium is the fee for FHA insurance on a HUD loan, paid upfront and as an annual percentage of the average outstanding balance. Corin's assumptions use a flat 0.25% annual premium for HUD multifamily applications on or after 2025-10-01; green certification no longer lowers it.
- HUD Section 232HUD Section 232 is the FHA program that insures loans on skilled nursing facilities, assisted living, residential care and board-and-care homes. Corin's refinance assumptions are 80% loan-to-value, 1.45x coverage and a 35-year term. Section 232 was not changed by Mortgagee Letter 2025-03.
- HUD 223(f)HUD Section 223(f) is an FHA-insured, fixed-rate, fully amortizing loan to purchase or refinance an existing apartment property (or, under Section 232, a care facility). For market-rate multifamily Corin's assumptions are 87% loan-to-value, 1.15x coverage and a 35-year term (HUD Mortgagee Letter 2025-03).
- HUD 221(d)(4)HUD Section 221(d)(4) is an FHA-insured loan for new construction or substantial rehabilitation of multifamily housing with five or more units. Corin's assumptions are 87% loan-to-cost and 1.15x for market-rate projects, a 40-year term, and Davis-Bacon prevailing wages during construction.
- Debt service coverage ratioDebt service coverage ratio is annual net operating income divided by annual loan payments. A ratio of 1.25x means income is 125% of the payment. Corin's sizing assumptions use 1.15x for HUD market-rate multifamily, 1.25x for agency multifamily, 1.25x for SBA, 1.45x for HUD Section 232 and 1.40x for hotel CMBS.
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